Spain's economy grew 0.5% in third quarter

ChristopherBjork

MADRID--Spain's economy grew an estimated 0.5% in the third quarter and consumer prices fell slightly less than in recent months in October, as the recovery of the eurozone's fourth-largest economy continued.

Preliminary data released Thursday by the country's National Statistics Institute showed that Spain's harmonized consumer-price index fell 0.2% on the year in October, compared with a drop of 0.3% in September. Gross domestic product rose 1.6% on the year in the third quarter, the data showed.

Spain's economy has enjoyed modest but steady growth since emerging a year ago from its second recession after the collapse of a real-estate boom in 2008 brought the country to the verge of default. Gross domestic product has risen and the rate of unemployment has fallen this year, while Germany, France, Italy and other economies have struggled to rebound from the eurozone's slump.

Thursday's estimate was the same as one issued by Spain's central bank. Quarterly growth eased compared with a 0.6% pace during the three months through June.

Last week, the Bank of Spain said consumer spending is driving growth as households resume purchases after years of paying off debt, while declining unemployment, a drop in the government borrowing costs and strong consumer and business confidence are also helping the economy to get back on track.

The statistics institute didn't provide any breakdown of its growth estimate.

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